Energy - Key Takeaways from Expert Call with Robin Mills

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Energy - Key Takeaways from Expert Call with Robin Mills

Truist Securities

Equity Research Report May 12, 2026

ENERGY: Exploration & Production

ENERGY: Midstream Energy - Key Takeaways from Expert Call

with Robin Mills

We held a fireside chat yesterday with energy consultant Robin Mills, CEO of Qamar Gabe Daoud Energy. The call reflected on the closure of the Strait of Hormuz and the corresponding

212-303-4193

Gabe.Daoud@truist.com impacts, which included: supply constraints in the Gulf; infrastructure and repair

timelines as well as commodity flow normalization timelines, demand impacts and

mid-cycle prices. Our conversation also touched on the UAE's announcement that it Frankie DiGiovanna would be leaving OPEC and its impact on global crude supply. Net, Mr. Mills sees NT 212-326-3158

Francis.DiGiovanna@truist.com complacency as misplaced while LT supply additions and fuel switching could prove

bearish mid-cycle prices.

Eric Look

212-303-4174 Solution more than just absence of war. A diplomatic solution to the current Gulf

Eric.Look@truist.com conflict remains elusive as a significant chasm persists between U.S. and Iranian

demands regarding nuclear enrichment, missile programs, and regional proxies. While

4 Page Document the "tempo" of active military activity has decelerated since the April 2026 peak, both

parties are currently in a stalemate where neither feels "enough pain" to make significant

concessions. Shippers remain fundamentally hesitant to risk lives and assets due to a

Reasons for this report lack of commercial insurance; even as "missiles stop," the IRGC continues to restrict

outgoing traffic to "warn" the market and maintain leverage.

✓ Truist Securities Hosted Event Takeaways

Infrastructure and field production impact. On gas infrastructure, Mr.